Question

What are the elements of marketing mix.

Options

• Product

• Price

• Place

• All of the above

Answer 1

All of the above

Explanation - 

The marketing mix consists of the following components.

1. Product: A product is any good or service that adds value and meets a customer's needs. For example, a car, toothpaste, soap, services of teacher, etc. are products. In marketing, a product relates not just to the physical product but it also includes the satisfaction of various needs and utilities of the customer. For example, consumption of ·a product benefits a consumer in the form of satisfaction of consumers' functional needs, social needs and psychological needs.
2. Price : Price refers to the amount of money people pay to receive a thing. The demand for a product is influenced by its price. When a product's price rises, demand lowers, and vice versa. Marketers must thoroughly examine the numerous aspects that influence price and set an appropriate price for the product.
3. Place: A company must make judgments about the product's availability to the target customers in addition to product and pricing selections. For the distribution of goods, a company must choose the right dealers or middlemen. Other crucial decisions include inventory management, warehousing, storage, and transportation of commodities.